Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1887-04-04

THE ILLINOIS CENTRAL.

THE ILLINOIS CENTRAL.
Notidcat item Of the Formulation of the
Lease of the Dubuque * sioux city. |
IiFy Juusnai: Considerable in
teress 10 manifested Ill las action the
llilnoas Central taiuo4a yompany III |
gAyDlg noal9e Oh Tic 3utl Gi,., "a its desire
Ia tel the lease utdsr mAiuu 1,
low operates Lbs D%apuque ANA S.oua
CITY AIRS ex.epuing Ilom upuluu /,
Iowa Falls lBe not!ue. as s..s.a Gil
uotA FACTIONS, who cinim 10 have eirus. u
dire,tors, reads az fsl.o IS:
Io Inc Dubuque aud o.tux City rail.
read company: You m.ii please like
notice that tao lliiuoIS Genbfai IRilroaa
company has elected 10 SURRENDER tie t
railway OF tne Dubuque and Sioux City
railroad company now held aud Operated
by the Illinois Central railroad compsny |
under the lease made and entered. into |
between the two compsnles |
above named on the thirteenth day |
of September A. d, 1867, and vii. other
property covered by SAID lease. At the
expiration of the term of twenty years,
commencing upon the first day of Octo
Der, A. D., 1867, provided for in said lsase
and 10 demand payment tor improve
ments made by the said Illinois Central
railroad company as provided in said
lease. This notice Is given pursuant to
the requirements OF the lease and by
order of the board OF directors of the
Illinois Central railroad company, March
30, A. D., 1887.
ILLINOIS CENTRAL RAILROAD COMPANY,
By James q. Clark, President.
The Dubuque Herald of the 3lst, in
speaking of the action of the company
as above indicated, says:
Thus 1T will be seen that the step
which has been expected 10y some, dread
ed by others, and longed for by still
Others, has arrived, and the Illinois Gen,
trail has long since become tired of q
bargain which, although of it's own max
ing, IN part, had become b~urdensome
and excessive in the extreme. We refer
to the bargain contained in the lease
held by the Central company of the Du-
buqne and Sioux City railroad which
called for the payment from the former
to the latter OF 36 per cent, of the re-
ceipss from the read. Tois has been
considered very excessive indeed, and
has been paid with much ,ggumbling on
the part OF the Central Company, and
whenever any thought is made on the
subject OF rents of roads this rent is
considered heavy. y y X x What
will be the result of such action on the
. part of the Illinois Central can hardly
!, be guessed at present. The little notice
may have the effect of soaring the Jesup
faction to an understanding with the
, remainder of the claimed officers of the
! road. A compromise between the two
factions is very possible and some ar
rangement may be arrived at which will
permit of their acting together to make
, a more reasonable adjustments of terms
with the Central road. Ifthis can be
done the present litigation in the state
and United States courts here will prob
ably be dismissed and the Central con,
? tinue IN perpetuity to hold the road.
If this be done the Central will, without
i doubt, fix up the road and the branches
a thereto, so that more business can be
done owe the road and the receipts be
extended as well.
Should the road remain. still in the
{ possession OF the parties now controll-
g ing the same, the Illinois Central will
undoubtedly attempt to parallel the
: road from this city to Iowa Falls, there
to connect with the Iowa Falls and Sioux
City, which is already III the control of
the Central road. If they build they
. may build either north or south of the
Dubuque and Sioux City. IT the north
' ern route is chosen thu Central will pro.
. baby use the outlet and track of the
Minnesota and Northwestern for q way
IOut, and build southwest from some por-
ton OF the road q number of miles west
! of here. III they choose the southern
route they will probably go south
from Dubuque and move along
tho boundary line between this
row of counties and the next
other question which pushes itself to the
front is what will become of the old
. terms of the lease was that the old road
should pay the Illinois Central for all
Improvements which were made By the
Illinois Central during the occupancy
: of the road.
The rent of the road has been sniff
GENTLY large to admit of paying some
dividends and making some deposits IN
order to meet the CLAIMS of the Central
for improvements. About q year age it
: was ordered by the board of directors
: that no more dividends should be paid !,
but that the money shonld be saved IN
order to meet those obligations. Last
fall just prior to the time that the show
: ing was made that the Illinois Central
{ was attempting TO the get possession OF
the stock, the directors ordered that q
dividend Of 5 per cent be paid to the
stockholders This wes done, and now
the road has q not sufficient amount to
, meet these obligations. to say nothing of
necessary repairs and building.
The question also arises who will take
hold OF the Dubuque and Sioux City
now that the Illinois Central has dropped
lit? The old talk OF the Chicago, Bnrling.
ton and Northern desiring it will be
brought ont, and also the much talked
Of extension of the Freeport branch of
the Chicago and Northwestern.